Morning Commentary: Slovenia launches three-part tap; Ukrexim prices; Nigeria’s Seplat eyes debut

By Rebecca Melvin

New York, Feb. 28 – Slovenia launched a three-tranche tap of existing notes with order books in excess of €4 billion on Wednesday, and those notes were seen with yield spreads of mid-swaps plus 25 basis points for the 2028 notes, mid-swaps plus 45 bps for the 2035 notes and mid-swaps plus 55 bps for the 2045 notes.

The State Export Import Bank of Ukraine (Ukrexim) priced its Ukrainian hryvnia-denominated notes, which settle in U.S. dollars, at the wide end of price guidance for a 16½% yield.

Ukreximbank is a state-run import-export bank based in Kiev, and it priced UAH 4.051 billion of the notes at par.

Also announced for the primary market is a debut offering of Nigerian oil and gas company Seplat Petroleum Development plc, which is planning a dollar-denominated five- to seven-year deal. Roadshow meetings are scheduled Thursday through March 7 in London and the United States.

There was also a mandate from the Middle East from Islamic Development Bank, which is planning a five-year sukuk of more than $1 billion in size.

But the Jeddah, Saudi Arabia-based lender’s AAA-rated deal will probably come with a z-spread of plus 25 bps, so is not for everyone, a London-based trader noted.

Also in the Middle East, the Emirate of Sharjah was heard to have mandated banks for an offering of sukuk trust certificates under its Sharjah Sukuk Programme Ltd. and Union National Bank in Abu Dhabi was also heard in the market with a proposed deal. But further details of the deals were not immediately available.

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